Medium term bullish position on USDJPY #swingtrading #forex
Hi Everyone.
This is a complex one.
There may be multiple opportunities to make pips on usdjpy in the coming months. I have drawn the white line on the chart considering a few factors:..
1. The current downtrend on the daily chart seems to be a simply correction of an uptrend on the weekly chart.,
2. The Momentum of the downtrend on the daily chart seems to be drying up and starting to reverse.,
3. The 20MA has crossed above the 50MA indicating further change in underlying momentum, which is not fully visible in the price action.,
4. Price is moving towards the 200EMA.,...
Taking these factors into account I am thinking of the following outcome.
If and Only If price moves above 106.15 will I consider usdjpy moving higher to touch the 200ema.
If price breaks through the 200ema it will most likely come back for a retest the 200ema before legging higher to continue the long term uptrend on the weekly chart...
The upcoming US elections as well as a weaker Japanese market can bring forth this change in direction over the next few months...
I'll be looking at the following zones of support and resistance (with a buffer of 20 pips)....
106.4, 107.5, 111, 114. 116, 121, and 124.....
I think there will be a very good opportunity for swing traders on usdjpy in the months to come...
Remember not to take big risks, not to over leverage, and manage risk well.
I will not be entering a single long position on usdjpy until price moves above the 200ema
As Always trade safe
...This is not to be considered investment/trading advice. You take full responsibility for the any action taken and any loses incurred.
This is a complex one.
There may be multiple opportunities to make pips on usdjpy in the coming months. I have drawn the white line on the chart considering a few factors:..
1. The current downtrend on the daily chart seems to be a simply correction of an uptrend on the weekly chart.,
2. The Momentum of the downtrend on the daily chart seems to be drying up and starting to reverse.,
3. The 20MA has crossed above the 50MA indicating further change in underlying momentum, which is not fully visible in the price action.,
4. Price is moving towards the 200EMA.,...
Taking these factors into account I am thinking of the following outcome.
If and Only If price moves above 106.15 will I consider usdjpy moving higher to touch the 200ema.
If price breaks through the 200ema it will most likely come back for a retest the 200ema before legging higher to continue the long term uptrend on the weekly chart...
The upcoming US elections as well as a weaker Japanese market can bring forth this change in direction over the next few months...
I'll be looking at the following zones of support and resistance (with a buffer of 20 pips)....
106.4, 107.5, 111, 114. 116, 121, and 124.....
I think there will be a very good opportunity for swing traders on usdjpy in the months to come...
Remember not to take big risks, not to over leverage, and manage risk well.
I will not be entering a single long position on usdjpy until price moves above the 200ema
As Always trade safe
...This is not to be considered investment/trading advice. You take full responsibility for the any action taken and any loses incurred.
